U.S. Treasury Department will halt minting single cent coins (gross) due to the fact that they are unprofitable — stated CNN, citing a message from the department.
According to a typical of the Ministry of Finance, the government made a final order for semi-finished pennies in May. The U.S. Mint will only be minting penny coins until supplies are exhausted.
“This is another example of the efficiency of our administration for taxpayers,” says a message that predicts $56 million in savings after coin production has stopped.
According to the statement, the cancellation of a penny was the expected move: the cost of producing the coin exceeded its nominal value. In February, U.S. president Donald Trump said he ordered their production to cease due to costs.
However, the problem may get worse: the losses on the nearest nickel coin are even higher and are 13.8 cents per coin (11 cents per production and 2.8 cents per logistics) according to the taxation year figures that ended in September.
The grosz was 1 of the first coins issued by the United States Mint after it was founded in 1792. The first coin represented a female with loose hair, symbolizing freedom. The coin was larger and made of pure copper, while today's smaller coins are made of copper and zinc alloy.
Abraham Lincoln's image appeared on 1 cent coins in 1909 on the occasion of his 100th birthday.
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United States will halt beating single cent coins, reports CNN
